Brazilian agribusiness export USD 13.38 billion n in October

Agribusiness exports from Brazil reached $13.38 billion in October 2023, a 2.3% decrease compared to the same period in 2022. This amount accounted for 45.4% of Brazil’s total exports.

Data from the Secretariat of Trade and International Relations of the Ministry of Agriculture and Livestock (SCRI/Mapa) indicate that the October sales were strongly influenced by the decline in the price index of exported products. On the other hand, the record grain harvest of 2022/2023 allowed an increase in the volume exported by Brazil.

Soybeans, corn, and sugar are the standout products among agribusiness exports in Brazil.

Soybean exports reached a record volume for October, with 5.53 million tonnes, almost 45.7% higher than the same month last year. China’s share in Brazil’s soybean acquisitions rose to nearly 88% of the volume exported in the same period last year. Soybean exports reached $2.89 billion in October 2023, a 24% increase.

See below a chart displaying soy exports from Brazil between Jan 2020 to September 2023. The data is from DataLiner, the maritime intelligence service of Datamar.

Soy Exports | Jan 2020 – Sep 2023 | WTMT

Source: DataLiner (click here to request a demo)

The volume of corn shipped was a record for October, reaching 8.44 million tonnes in October 2023, a quantity 24.5% higher than the 6.78 million tonnes exported in the same month the previous year. Corn exports amounted to $1.89 billion, nearly identical to October 2022.

In October 2023, China was the primary importer of Brazilian corn, accounting for 40.9% of the quantity exported by Brazil (3.46 million tonnes) or $765.77 million.

See below corn exports from Brazil between Jan 2020 to September 2023. The data is from DataLiner, the maritime intelligence service of Datamar.

Corn Exports | Jan 2020 – Sep 2023 | WTMT

Source: DataLiner (click here to request a demo)

The third product with a favorable performance in the month was sugar. International sugar prices remained high in September due to water shortages in Asia and concerns about a possible crop failure. Brazilian sugar exports increased from $1.30 billion (October 2022) to $1.50 billion (October 2023), an increase of almost 15.4%.

The 26.9% increase in average export prices is the main factor responsible for increased shipped value. The largest importers of the product are India ($197.73 million); Algeria ($124.56 million; +22.4%); Indonesia ($104.19 million; +3.8%); China ($96.97 million; -51.3%); Canada ($91.77 million; +236.8%); and Malaysia ($80.72 million; +0.2%).

The chart below shows Brazil’s sugar exports in containers (HS 1701), measured in TEUs, according to the DataLiner maritime information service.

Brazilian sugar exports | Jan 2019 – Sep 2023 | TEU

Source: DataLiner (click here to request a demo)

Year-to-date (January to October)

Between January and October 2023, Brazilian agribusiness exports reached a record sum of $139.58 billion, representing a 3% growth compared to the same period in 2022 ($135.55 billion).

The sectors that contributed the most to the positive performance of exports during this period were the soy complex (+$4.37 billion), the sugar-alcohol complex (+$3.02 billion), and cereals, flours, and preparations (+$1.82 billion).

Asia was the main geographical region for Brazilian agribusiness product destinations during the period, with a 53.4% share. China was the largest individual buying market, with $51.10 billion and a 36.6% market share.

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